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Day Trade The Open
I see that you are taking H1 on BO and H2 after Wedge formation and 1x reward, since you also have LTF displaced, do you also use them for entry guidelines (such as 15min)? Thanks.
@dannykwlgmail-com I am mostly using the Daily for context (eg. uptrend, bottom tails, therefore looking for a entry to get long), the 1 hr mainly for the ema (eg. market selling into the 1hr ema then looking for entry to get long due to daily uptrend) and I do not really use the 15 min chart at all, however it can confirm what I am seeing on the 5 min).
With the current uptrend on the daily I am mostly watching for Gap Downs to "Reverse the BO" and Gap Ups to be "Failed Reversals of the BO". The initial few bars are providing the clues to how the setup is forming - then its just a matter of waiting for a STOP BUY entry.
Thanks for the question, Danny.
@brainforeststudiosgmail-com Thanks it is helpful. I am still determine the major setups that's I should focus on instead of taking many setups. I notice that my losing trades are mostly counter trend trades. I am trying to determine the trends based on LTF and to be more discipline to only take the with trend setups.
Do you use the 1x reward as your stop too? It can be large in some cases (eg. Aug 19 and 20). Thanks.
@dannykwlgmail-com - The Risk:Reward is 1:1 and so the STOP is as indicated on the charts (ie. 0%). Capital risk needs to be constant across trades therefore position size varies depending on the distance to the STOP. If needed then trade MES to maintain consistent capital risk per trade.
8/28/20 - edited